In fact, the filings allege Trump (referred to as “Individual-1”) was heavily involved in his former personal attorney’s illegal financial activities, and that when Cohen committed campaign finance violations to make a hush payment to porn star Stormy Daniels to keep her affair with Trump under wraps, he did so “in coordination with and at the direction of” Trump. They also suggest that special counsel Robert Mueller is looking into Cohen’s lies to the public, which sets a bad precedent for Trump.

Trump’s seeming conviction that he has been “cleared” was not shared by legal experts, who broadly agreed the memos pose serious problems for him:

Junior wasn’t the only one the Russians approached during the campaign. They approached Cohen in November 2015 and dangled the Moscow Project as an incentive to pursue “political synergy” with the campaign.

But perhaps the best topline summary of the report’s implications for Trump came from former Justice Department official and MSNBC legal analyst Matthew Miller:

The president and his lawyer violated campaign finance laws to influence the outcome of the election while his campaign chair was meeting with an intelligence asset of a foreign government that was trying to influence the outcome of the election. Not very legal and very cool.